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4 thoughts on “Sinking Funds, November meeting”

AGM held this week for our Apartment complex. I attended meeting. What concerns me is that an unoccupied apartment (17 yrs now) has an outstanding amount of management fees for £40,000, which is in fact greater than the sinking fund for the 39 apartments.

A further matter is that the management committee tends to be voted in every year going back decades. Owners of apartments, mainly those who are landlords, fail to attend meetings so the views of the few are the basis of what is happening in the complex.

£40,000 owed by a deceased owner with no way of having access to same because the owner was resident abroad surely is not a unique situation. Apartment living will become common place in the Ireland going forward and we need to provide legislation for such circumstances.

Would appreciate any advice on how to get the repayment of this £40,000 which could be contributed to the sinking fund amount?

Michelle
Has the Management Company taken legal advice on this matter?
If yes, what advice have they received? If no, have you queried why?
Have you considered putting your name forward for election as a director? The information you are entitled to access as a director may enlighten you on the detail of actions undertaken (if any).
Bryan Maher
Director, Apartment Owners Network

Michelle, I agree with Brian. Unless you go for the directorship yourself, you will never know the true state of the affairs. Landlords will be landlords and will not commit compared to owner occupiers. We became self managed a few years ago and never looked back. Its hard work bu you have more control.

Under s 18.7 of mud act approval for s charge to defray cost for matter that are or were the responsibility of the developer or builder shall have no effect until three years after the common areas have been transferred to the management company.